Coach’s Reed Krakoff faces bonus reduction if he doesn’t sell label

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Filing in Focus: Coach 8-K, July 10, 2013
Coach Inc (COH) chief creative director Reed Krakoff could see his annual bonus reduced by $3M if he does not sell his namesake’s label to the company. Krakoff’s maximum bonus is 200% of his salary, which was reported to be $2.85M in a filing made in September, making his maximum bonus potential $5.7M. By cutting his bonus by $3M and assuming he earns the bonus maximum, the company is effectively taking away about half of his projected bonus. Krakoff decided to not renew his contract, which expires in June next year, so that he can concentrate on his own brand. Coach is actively working to become more than a luxury handbag brand, but a full lifestyle brand, and has named Victor Luis as its intended CEO and has already named Stuart Vevers as Krakoff’s replacement.

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